Dow & S&P 500 market analysis
Oh well…Timothy finally managed to surprise all of us with a new idea to get us out of the financial mess. This caused the market to rally 7% up throughout the day and stopping at resistance at 820 on the S&P. Rallies due to positive news reports these days seem to frizzle out within 24 hours. Today, I’ll be monitoring if this rally has strength to continue. This rally may reverse either today or tomorrow and form a doji on daily charts. I still regard this rally as a dead cat bounce and the market is going to tank to 750 and maybe beyond in the next 1-2 weeks.
Direction for 03/24/2009 Tuesday: Upside consolidation
Crude Oil (USO)
Crude should follow the S&P in the next few days. It is due to reverse but is showing strength due to positive news reports.
Direction for 03/24/2009 Tuesday: Upside consolidation
Tuesday, March 24, 2009
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